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4 Feb 2015
WTI Crude ends four-day rally as concerns of excess supply resurface
FXStreet (Mumbai) - Crude prices in the US snapped a four day rally as concerns of excess supply resurfaced after a report in the US showed a rise in weekly inventory.
Crude trades above 50-DMA
Crude prices continue to trade above the 50-DMA located at USD 51.475, despite concerns over global demand and high stock levels. Prices came under pressure after a report from the industry group American Petroleum Institute showed US crude stocks rose more than 6 million barrels last week. Meanwhile, the losses were extended after a report showed China services activity expanded at the slowest pace in six months.
WTI Crude Technical Levels
Crude currently trades 1.74% lower at USD 52.13/barrel. The immediate support is located at 51.47 (50-DMA), under which losses could be extended to 49.85 (5-DMA) levels. Meanwhile, resistance is seen at 52.53 and 53.59 levels.
Crude trades above 50-DMA
Crude prices continue to trade above the 50-DMA located at USD 51.475, despite concerns over global demand and high stock levels. Prices came under pressure after a report from the industry group American Petroleum Institute showed US crude stocks rose more than 6 million barrels last week. Meanwhile, the losses were extended after a report showed China services activity expanded at the slowest pace in six months.
WTI Crude Technical Levels
Crude currently trades 1.74% lower at USD 52.13/barrel. The immediate support is located at 51.47 (50-DMA), under which losses could be extended to 49.85 (5-DMA) levels. Meanwhile, resistance is seen at 52.53 and 53.59 levels.